Perth

Substantial riverside development site in vibrant eastern gateway precinct of Perth

2014-09-08T05:00:00Z

High density, high rise, high amenity with bonus holding income is destined to appeal

​PERTH, 8 September 2014 – A landmark opportunity to secure a large, privately owned riverside development site in CBD gateway precinct of East Perth, strategically positioned in a high level amenity locale pegged for ongoing, long term enhancement, has been brought to market exclusively by JLL.

The substantial 3,406sqm (approx.) riverside landholding at 63 Adelaide Terrace in East Perth is one of the largest, privately owned development sites in the Perth CBD, and is ideally located on the river side of Adelaide Terrace, with 57.44m frontage affording uninterrupted Swan River and Perth City views.

The property, located within the ‘Adelaide Precinct’, is zoned ‘Central City Area’ under the Metropolitan Region Scheme, and ‘Office/Residential’ under the City of Perth City Planning Scheme No.2.

According to JLL National Director Head of Sales & Investments WA, Nigel Freshwater, the property has the potential for a 50% plot ratio bonus to 6.0:1, subject to meeting bonus criteria, that would deliver a development plot ratio area of 20,436sqm.

Mr Freshwater said the site also includes a substantial building height of 100m that, due to prime riverside positioning, will make for unparalleled views.

“The favourable planning and zoning policies attached to the site are geared toward high density, high rise development.

“By virtue of its inclusion in the Adelaide Precinct area, the site also allows for considerable flexibility in terms of development uses.

“The precinct’s broad mandate is for residential development with a mix of office accommodation and retail uses. Due to its prime, riverside location, we could also potentially see hotel and serviced apartment accommodation on this site,” said Mr Freshwater.

Existing improvements of 1,837.7sqm provide a generous holding income of approximately $322,000 per annum net, currently from two tenants, and is estimated to increase to $580,000 per annum net on a fully leased basis.

According to JLL Director Sales & Investments WA, Phil Fogliani, the offering is superbly positioned to derive considerable benefit from existing high level amenity, in addition to seeing further benefit from adjacent inner city, urban infrastructure programs, such as the nearby Waterbank Perth development.

“Due to completion of a raft of urban renewal projects in the area to date, the site already benefits from high level local amenity. What we will see over the course of the next two to 10 years is a phenomenal injection of vibrancy due to the larger renewal projects such as that being undertaken by the MRA.

“The planned Chemlabs Precinct directly opposite the site has been earmarked within its Design Guidelines for a full-line supermarket, associated specialty retail and entertainment that will effectively transform nearby De Vlamingh Avenue into a destination ‘eat street’.

“An incoming developer is in prime position to leverage value from existing and future enhancement of local amenity over the next two to 10 years, including the new Perth Stadium development and associated pedestrian link bridge that will vastly improve connectivity between the Burswood entertainment precinct, East Perth and the CBD.

“Major development opportunities such as this are becoming increasingly rare and it’s a fantastic opportunity for a developer to capitalise on the structural and cultural changes occurring in the way people are choosing to live in our city,” said Mr Fogliani.

Expressions of Interest close at 3.00pm (WST) on Friday, 10 October 2014, unless sold prior.